Luxury Goods Market Set to Grow at a CAGR of 4.0% During 2016-2024

Posted on 2018-11-29 by Goldstein Research in Consumer Services // 0 Comments

New York, USA, 2018-Nov-29 — /EPR Network/ —According to Goldstein Research, global luxury goods market is expected to reach USD 295.7 billion by 2024 from USD 214.5 billion in 2016, growing at a CAGR of 4.0% over the forecast period 2016-2024. Growing population of high net worth income (HNWI) people across the world is one of the key factor driving the growth of luxury goods market. Global HNWI value is expected to reach USD 100 trillion by the end of 2025. Global luxury goods market segmentation has beendoneon the basis of product type, distribution channel and geography.Wearable accessories segment occupy major share in the total luxury goods market followed by the designer apparels and beauty products.

Global luxury goods market is largely dominated by North America with 34% revenue share in total market. North America is closely followed by the Europe with 32% share in global luxury goods market.

Browse Full Report: https://www.goldsteinresearch.com/report/luxury-goods-market-outlook-2024-global-opportunity-and-demand-analysis-market-forecast-2016-2024

Market Segmentation

Global Luxury Goods Market can be segmented as follows:

By Product Type

Designer Apparel and footwear
Accessories
Luxury Jewellery
Cosmetic and Beauty Products
Fine wine & Spirits
Others (Electric gadgets, etc)

By Distribution Channels

Offline Channels
Online Channels

By Region

North America Luxury Goods Market Analysis, 2016-2024
Europe Luxury Goods Market Analysis, 2016-2024
Middle East And Africa Luxury Goods Market Analysis, 2016-2024
Latin America Luxury Goods Market Analysis, 2016-2024
Asia Pacific Luxury Goods Market Analysis, 2016-2024
Rest Of The World Luxury Goods Market Analysis, 2016-2024

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“Global Luxury Goods Market Outlook 2024” contains detailed overview of the global luxury goods market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by product type, distribution channel and geography.

The Global Luxury Goods Market Report highlights the in-depth analysis of luxury goods market report that will help the clients to assess their business strategies as per the competitive environment in the market space. The competitive outlook of major global players discussed in the global luxury goods market report includes the business strategies, revenue distribution, financial analysis, product portfolio, R&D activities andinvestments.

Major players of the global luxury goods marketdiscussedin the report are: LVMH, Luxottica Group, Kering SA, The Swatch Group Ltd., Ralph Lauren corporation, Hermes International Group, L’Oreal Luxe, Rolex SA, Prada Group, Burberry Group plc,etc.

Further, Global Luxury Goods Market Report encompasses the major trends & opportunities, market dynamics and other growth factors of the market. The Luxury Goods Market outlook also comprises of key challenges, risk analysis, BPS analysis, SWOT Analysis and Market Attractiveness. The report also highlights the expert analysis to provide complete overview of the market including the PESTLE analysis of each region and country.

Global Luxury goods market is further bifurcated in various segments with separate market analysis mentioned below:

Middle East Luxury Goods Market

In Middle East, Especially in GCC countries 70% of consumers claims to have increased their spending over luxury goods compared to 53% in more mature markets such as Europe, Japan and United States. Middle East luxury goods market to expand at a CAGR of 8.1% during the forecast period 2017-2025. Moreover, the market is projected to reach USD 22.4 Billion by 2025 owing to increase in international travel and the growing importance of the millennial consumers.

UAE Luxury Goods Market

UAE luxury goods market is majorly driven by high disposable income of people in GCC region, where countries such as UAE and Saudi Arabia having the largest population and extensive number of tourists has further augmented the growth of luxury goods industry in the region. However, UAE luxury goods market is being facing challenges owing to intensified competition among market players. The luxury good market is in a constant state of instability, as consumer spending habits varies in line with fashion and economic circumstance.

Middle East Luxury Cosmetics Market

The Middle East showcase solid growth rate globally, overall cosmetic industry growth is promising related to historic period. Luxury cosmetics market in Middle East to expand at a CAGR of 8.6% during the forecast period 2017-2025. Moreover, the market is projected to reach USD 14.3 Billion by 2025 owing to growing per capita spending over premium cosmetic products.

Smart Bracelet Market

Smart bracelets are like any other jewelry, incorporating the features of both smart watches and smart bands. Global smart bracelet market size is set to reach USD 168 million units by 2025, growing at a CAGR of 15.7% over the forecast period.

Wearable Device Market

To generate accurate data one has to wear the device all the time and regular use of device is a major obstacle. Moreover, nowadays people are adopting more smartphones as compared to smart wearable devices, as with all new innovative apps and technology smartphone is a fix for everything. Global wearable device market is projected to reach USD 19.28 billion by 2024, growing at a CAGR of 17.0% during the forecast period. Growing need for effective health management for chronic health conditions such as diabetes and obesity are augmenting the demand for wearable devices.

UAE Gems And Jewlery Market

The gems and jewelry market seems composed of a glittering future. Increased appetite of jewelry by the consumers was reduced because of recession but now it appears more ravenous than ever. UAE gems and jewelry industry size is set to reach USD 70.10 billion by 2024, growing at a CAGR of 7.30% over the forecast period i.e. 2016 to 2024. Moreover, we forecast the UAE gems and jewellery industry analysis landscape on the basis of current growth rate and various government reforms to minimize the tax on jewelry products.

UAE Cosmetics Market

The UAE is one of the largest cosmetic products market in the Middle East not only owing to its big population and tourism, but also to its approach of becoming a local hub for the beauty and skin care industry. UAE cosmetics market to expand at a CAGR of 5.3% during the forecast period 2017-2025.

Global Cosmetics Industry

The cosmetics industry is one of those industries which faces the least impact from the economic ups & downs. The perks of e-commerce has not only benefitted the companies but also the consumers in terms of pricing & vast range of options available to them. Moreover, new customers have also been attracted through the online distribution route. Global cosmetics market size is anticipated that by 2025 the market will be valued at nearly at USD 640.0 billion, expected to be growing at a CAGR of 3.90% during the forecast period.

Global Dead Sea Mud Cosmetic Market

The mud and salts extracted from the Dead Sea, the world’s saltiest water body, are extremely beneficial for the skin and hair. Dead Sea mud is rich in minerals like magnesium, Calcium and Potassium, among others. Global Dead Sea mud cosmetics market was valued at USD 1.2 Billion in 2015, and is expected to reach USD 3.2 Billion by the end of 2024. Furthermore, the market is expected to expand at a CAGR of 14.2 % during the forecast period i.e. 2016-2024.

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